# Revenue, cost and profit under competition and monopoly

Competition:

P = 8

Q= 2

Monopoly:

P = 107.4

Q = 4.2

Find total revenue, total cost and profit.

Competition:

Qd= 1- .5p

Qs = -2 + p

TC = 20 + 4Q +Q(2) where (2) means squared.

Find: TC,TR, P, Q and profit

Monopoly:

P = 120 -3Q

TC = 20 + 10Q + 10Q(2) where (2) means squared

Find: TC,TR, P, Q and profit

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#### Solution Preview

Competition:

P = 8

Q= 2

Monopoly:

P = 107.4

Q = 4.2

find TC TR and Profit

Answer: TC=8*2=16 and TR=107.4*4.2=451.08. So profit=451.08-16=435.08

Competition:

Qd= 1- .5p

Qs = ...

#### Solution Summary

The solution gives detailed steps on finding the total revenue, total cost and profit under either competition or monopoly.

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